AntWorks acquires U.S.-based Benchmark Systems

Barely four months into existence, AntWorks Pte. Ltd. (http://ant.works/)
has made its first acquisition by taking over U.S.-based Benchmark
Systems (http://www.benchmark-systems.com/)
to make possible the development of leading-edge solutions that will
advance patient care across the world.

Technology startup AntWorks and Benchmark Systems, a leading cloud-based
Healthcare Application Services Provider, today announced that the Board
of Directors of both companies have unanimously approved a definitive
agreement under which AntWorks will acquire Benchmark Systems, which
will generate $10 mln in revenue in the next 12 months.

Through the acquisition, AntWorks expects to play an even greater role
in improving physician practices and ambulatory care globally and
achieving greater levels of efficiency and reducing healthcare costs for
its customers. The addition of Benchmark Systems significantly boosts
AntWorks’ presence in the global healthcare solutions sector which is
slated to touch $150 billion by 2020.

Healthcare providers in over 120 specialties and sub-specialties use
Benchmark Systems’ integrated solutions on a daily basis and its suite
of software has been built by leveraging 35 years of expertise in
working with ambulatory healthcare providers to solve profitability and
limited time issues.

Benchmark Systems will continue to operate as a standalone brand with
integrated R&D activities with AntWorks’ existing infrastructure.

The healthcare industry is undergoing a major transformation due to the
challenge of providing more cost-effective personalized care.

Majority of the demand for healthcare IT solutions is driven by the
growing need to reduce healthcare costs while adhering to the regulatory
requirements set by government organizations for ensuring safety,
security, and confidentiality of patient information. The growing
adoption of health information exchanges (HIEs) and electronic health
records (EHRs) systems and improved quality of care and clinical
outcomes are some other factors driving growth of the global healthcare
IT market.

CIO, CTO & Developer Resources

In addition to the demand for information technology solutions from
healthcare providers, the growing need of healthcare insurance providers
to efficiently manage an in-depth record of claims and reimbursements is
also expected to contribute to the growth of the global healthcare IT
market during the forecast years.

Management Commentary

Asheesh Mehra, Co-Founder and CEO of AntWorks, said, “We are at a stage
in our life cycle where we are looking at platforms which could help us
in going global. The opportunity to acquire Benchmark Systems is
fantastic, not least because of the highly scalable cloud based
solutions which the company has developed, but also the strong platform
the company offers for growth in terms of talent, clients, geographic
footprint and offerings.”

He added, “AntWorks will now be able to offer a fully integrated suite
of leading edge technology solutions including Patient Portal,
Scheduling, Electronic Health Records, Practice Management, and Revenue
Cycle Management at a price point that is affordable to solo physicians
and large group practices.”

Immediately Accretiveto AntWorks’ Adjusted Gross: The
strategic acquisition will allow AntWorks to reach out to Benchmark
Systems’ 400 strong customer base across the 40 states of the U.S.

Creates Premier Global Healthcare Solutions Company Focused on
Improving Clinical and Economic Outcomes: With the complimentary
product portfoliosof AntWorks and Benchmark Systems, the
company will have enhanced customer relevance and a strengthened
competitive position.

Creates Stronger, More Diversified Platform to Drive Growth: Benchmark
Systems provides services ranging from the initial set up to training,
ongoing support, and maintenance services, and offers a full billing
and collections outsourcing platform. Benchmark also offers auditing
and comparative benchmarking of key metrics against other practices of
the same size and specialty. Furthermore, combined entity’s enhanced
breath of resources will enable it to further invest in its R&D
programs and pursue additional opportunities.

Creates Additional Opportunities for Employees: A
combined AntWorks and Benchmark Systems will result in a significantly
larger global company with presence in over six countries across three
continents, delivery centers in two countries and over 400 employees
around the world. Employees in the combined company are expected to
have more opportunities to pursue careers across a larger, more
diversified global business.

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